Annual Report 2019

FAR EAST CONSORTIUM INTERNATIONAL LIMITED 162 For the year ended 31 March 2019 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued) HKFRS 15 Revenue from Contracts with Customers (continued) Summary of effects arising from initial application of HKFRS 15 The following table summarises the impacts of transition to HKFRS 15 on retained profits at 1 April 2018. Impact of adopting HKFRS 15 at 1 April 2018 Notes HK$’000 Retained profits Sales of properties recognised over time, less related cost of sales and finance costs (a) 44,273 Recognition of contract costs (b) 60,599 Tax effects (a), (b) (16,026) Impact at 1 April 2018 88,846 Attributable to: Shareholders of the Company 85,714 Non-controlling interests 3,132 88,846 The following adjustments were made to the amounts recognised in the consolidated statement of financial position at 1 April 2018. Line items that were not affected by the changes have not been included. Carrying amounts previously reported at 31 March 2018 Reclassification Remeasurement Carrying amounts under HKFRS 15 at 1 April 2018 Notes HK$’000 HK$’000 HK$’000 HK$’000 Current Assets Properties for sales – Properties under development (a), (b) 10,094,565 (221,208) (372,581) 9,500,776 Contract costs (b) – 221,208 60,599 281,807 Capital and Reserves Retained profits (a), (b) 7,351,270 – 85,714 7,436,984 Non-controlling interests (a) 173,070 – 3,132 176,202 Current Liabilities Customers’ deposits received (a), (c) 1,936,950 (1,520,096) (416,854) – Contract liabilities (c) – 1,520,096 – 1,520,096 Non-current Liabilities Deferred tax liabilities (a), (b) 583,186 – 16,026 599,212